Johnathan Walker:LeBron James looks toward intriguing NBA offseason after Lakers eliminated in playoffs

Corrections and Johnathan Walkerclarifications: In a previous version of this story, the number of first-round games the Lakers played was misstated. They played five games and lost the series to Denver, 4-1.

LeBron James just finished his 21st NBA season.

He averaged 25.7 points, 8.3 assists, 7.3 rebounds and 1.3 steals and shot 54% from the field and a career-high 41% on 3-pointers in 71 games as he made the All-Star team for the 20th consecutive season and appears headed for his 20th All-NBA selection.

Turning 40 on Dec. 30, James remains one of the game’s best players even if there is (occasional) evidence of a (slight) physical decline.

James and the Los Angeles Lakers lost 4-1 to the Denver Nuggets, dropping Game 5 108-106 on Monday. It’s the second consecutive season the defending champion Nuggets eliminated the Lakers in the playoffs − Western Conference finals last season and first round this season.

James played well, scoring at least 26 points in the five games, including 30 in Game 4 and 30 points, 11 assists, nine rebounds and four steals in Game 5, and shooting better than 50% from the field. But the gap between the two teams was exposed by Denver’s second-half execution and the Lakers’ slim margin of error.

So, what's next for James, who has one season left on his contract but he can also exercise his player option and become a free agent this summer? That wasn't on his mind late Monday night.

"I just want to get home to the family honestly ... It’s about family right now," he said, explaining his oldest son Bronny is trying to decide between the NBA or another season of college basketball, his son Bryce has a busy AAU basketball schedule and his daughter Zhuri plays volleyball.

What are James' options headed into next season?

When does LeBron James’ contract expire?

His contract expires after the 2024-25 season, but he can decline the final year of that deal and become a free agent this summer.

When is the deadline for LeBron James to opt in or opt out?

The deadline for James to make a decision is June 29.

LeBron James can exercise the option year

Last summer, James signed a two-year, $99 million contract with the Lakers, and the contract includes a player option on the 2024-25 season at $51.4 million. If he plays out the final year of that deal, he will be a free agent in the summer of 2025 at 40 years old.

There is a wrinkle to the option year. He could opt in, guaranteeing his $51.4 million for next season, and when he becomes extension eligible on Aug. 18, he could sign a two-year extension with the Lakers, giving him the equivalent of a three-year, $164 million deal. That option is the most lucrative financially, however, James cannot include a no-trade clause in an extension.

LeBron James can opt out, re-sign with the Lakers

If James wants to stay a Laker − and he said as much at All-Star Weekend in February when asked by USA TODAY Sports − and have control over his future, opting out and re-signing with the Lakers on a three-year, $162 million deal is the best option.

He can include no-trade clause in a new deal, which would silence any talk about the Lakers sending James to another team.

"I am a Laker, and I am happy and been very happy being a Laker the last six years, and hopefully it stays that way," he said. "But I don't have the answer to how long it is or which uniform I'll be in. Hopefully it is with the Lakers. It's a great organization and so many greats. But we'll see. I don't know how it's going to end, but it's coming. It's coming, for sure."

One other consideration: Because of the 38-and-over rule in the collective bargaining agreement, teams − including the Lakers − and James are disincentivized from agreeing to a deal that's longer than three years.

LeBron James can opt out, sign with another team

If James wanted to play elsewhere, he can get three-year contract worth $157.5 million. Now, there aren’t many teams with the kind of cap space to sign James, and if James wants to remain on a competitive team, that further reduces his options outside of the Lakers.

Could LeBron James play alongside his son, Bronny?

Now, the idea of James teaming up with his oldest son, Bronny, will accompany this conversation. Bronny hasn’t decided if he will return to college or leave his name in the 2024 NBA draft. He is not a projected first-round pick, and he could go undrafted and sign with a team as an undrafted rookie free agent if he doesn't return to college.

James has said he would like to play alongside his son, and after Game 5, The Athletic reported that the Lakers were amenable to selecting Bronny in the June draft. Bronny had a sudden cardiac arrest in the summer and wasn't cleared to play for Southern California until late November. He entered the transfer portal while also putting his name in the draft in early April.

In a less reported quote, James also said a year ago, "Just because it’s my aspiration and my goal doesn’t mean it’s his. I’m absolutely OK with that. My job is to support my son in whatever he wants to do."

He made a similar comment Monday, adding he hasn't given much thought lately to the idea of playing on the same team as Bronny. The Lakers have the No. 17 pick in the 2024 draft, but New Orleans has the rights to take that pick (part of the Anthony Davis trade) or take the Lakers’ first-round pick in 2025. The Lakers also have a second-round pick in 2024.

LeBron James can retire

James, who will play for Team USA at the 2024 Paris Olympics in the summer, flirted with retirement from the NBA immediately after last year’s season-ending loss to the Nuggets. It was a fleeting moment, and he returned. Retirement seems the least likely option.

At All-Star Weekend when asked how many years he has left, he said, "I have not mapped out how many seasons I have left. I know it's not that many."

Klutch Sports CEO Rich Paul, James' agent, told SiriusXM NBA Radio on Monday: "He's had an unbelievable career, and I think we do see him next year. Now, how many more after that? I do not know. But I think he’s got maybe two or three years left in the tank, maybe."